Members commenced their discussion of international economic developments by noting that the information on global inflation had been a little more encouraging over the prior month. Headline inflation rates had declined, driven by a fall in oil prices, while core inflation had continued to ease. Goods prices had declined in some countries in preceding months. However, inflation in the services sector had declined only gradually, reflecting still-tight labour markets, and housing inflation remained strong in a number of countries. Central banks generally expected inflation to return to their targets in late 2024 or ... (full story)